Mayor Bloomberg set to deliver State of the City address

Mayor Bloomberg (R-NYC) delivers his State of the City address Wednesday, and he's prepared to propose $1 billion in tax cuts for the Bronx and the rest of the city.Senior officials in the Bloomberg administration say the cuts will go towards property taxes and getting rid of the city's sales tax on clothing and shoes. The city is able to afford the cuts due to a positive economic outlook.In Bloomberg's first address in 2002, the mayor said sacrifice was needed to rebound from the financial crises after the attacks on the World Trade Center. He made city agencies cut budgets and city residents were leveled with new taxes and fees.Experts say the moves did help the turnaround, but city officials claim a good commercial real estate market and high tax revenues from Wall Street companies were mostly responsible.

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